Performance and maintenance guarantees shall be provided by a variety of means including, but not limited to, the following:
   (a)   Security Bond. The applicant may obtain a security bond from a surety bonding company authorized to do business in the state.
   (b)   Letter of Credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable institution.
   (c)   Escrow Account. The applicant shall deposit cash in escrow with a bank. Interest earned in this account is payable to the developer.
   (d)   Property. The applicant may provide as a guarantee land or other property.
   (e)   Subdivision Improvement Guarantee. An applicant may provide as a guarantee a subdivision improvement agreement between the applicant, lender, and local government.
      (Ord. 263-91. Passed 11-12-91.)